We've printed a Bearish Engulfing on the Daily timeframe (Horizontal Arrows) and another just now on the Hourly timeframe (Vertical Arrow). Both near the weekly level. I jumped in on the close of the Hourly engulfing and placed my stop just under 10% of the ATR range from the ATR high. This idea aligns with the Bearish Engulfing printed on USDJPY and the H&S pattern that has printed on a major level in EURJPY. I've chosen to trade this pair because USDJPY has been passed the ATR range so shorting that pullback would have been against my system's rules, and I have no system for H&S patterns (only the failure of it).
Prior to noticing this trade I was so focused on looking for a liquidity pool and once I believed that I had found one, I was sort of fixated on it following through. I had set alerts for this pair that went off while I slept. By the time I woke up, price had already traded near my liquidity pool but it had not reached it just yet. I should have scratched the idea, but I stubbornly entered the market and tried to scalp a few more pips. I entered long on the close of the 4am candle and it went wrong immediately, I cut out for -0.7R prior to the 5am candle closure.
Next time I'm going to try and include as many swing points as possible with very few candle closures in my liquidity pool. If I had drawn it as I have drawn the outlined box as opposed to the grey rectangle, I'd have seen that the trade idea had already been resolved and would not have entered the market.
Also going to try and be more detached to my trade ideas. If they pass without me being included, I should move on to the next one without hesitation.
Prior to noticing this trade I was so focused on looking for a liquidity pool and once I believed that I had found one, I was sort of fixated on it following through. I had set alerts for this pair that went off while I slept. By the time I woke up, price had already traded near my liquidity pool but it had not reached it just yet. I should have scratched the idea, but I stubbornly entered the market and tried to scalp a few more pips. I entered long on the close of the 4am candle and it went wrong immediately, I cut out for -0.7R prior to the 5am candle closure.
Next time I'm going to try and include as many swing points as possible with very few candle closures in my liquidity pool. If I had drawn it as I have drawn the outlined box as opposed to the grey rectangle, I'd have seen that the trade idea had already been resolved and would not have entered the market.
Also going to try and be more detached to my trade ideas. If they pass without me being included, I should move on to the next one without hesitation.
تعليق:
Also traded against my daily bias on that first trade without noticing.
تعليق:
Stopped out for -1R
تعليق:
Will elaborate later.
تعليق:
Couple things I think went wrong here:
- Revenge trade on the same pair (sorta forced myself onto the second trade trying to recoup the losses of my first entry)
- Thinking the liquidity pool had been resolved, when in fact the last swing into/out of it actually made it a more significant area for stops to accumulate
- This pair had been ranging for quite some time, a breakout was due
Definitely got chopped up by this pair, need to learn to stay out when things are not clear and not act on desperation.
- Revenge trade on the same pair (sorta forced myself onto the second trade trying to recoup the losses of my first entry)
- Thinking the liquidity pool had been resolved, when in fact the last swing into/out of it actually made it a more significant area for stops to accumulate
- This pair had been ranging for quite some time, a breakout was due
Definitely got chopped up by this pair, need to learn to stay out when things are not clear and not act on desperation.